Is Puerto Rico in an economic crisis?

Is Puerto Rico in an economic crisis?

There have already been protests over the austerity measures. These events, along with a series of governmental financial deficits and a recession, have led to Puerto Rico’s current debt crisis.

Is Puerto Rico out of debt?

The board said that the plan signed by federal judge Laura Taylor Swain cuts Puerto Rico’s public debt by 80% and saves the island more than $50 billion in debt service payments as some creditors agreed to deep cuts.

Who holds Puerto Rico’s debt?

and the Puerto Rico Government Development Bank. Still pending are the restructuring of debts owed by the Puerto Rico Highways and Transportation Authority and the Puerto Rico Electric Power Authority, which holds about $9 billion in debt, the largest of any public corporation.

How is Puerto Rico doing economically?

Puerto Rico has been one of the most dynamic and competitive economies in Latin America and the Caribbean region until recent years, Puerto Rico’s economy relies mainly on federal aid from the United States government. Since 2006, Puerto Rico’s growth has been negative since.

What caused the debt in Puerto Rico?

Puerto Rico accumulated more than $70 billion in public debt and more than $50 billion in public pension liabilities through decades of corruption, mismanagement and excessive borrowing. The U.S. Congress created the federal board in 2016, a year after the island’s government said it was unable to pay its debt.

What is Puerto Rico unemployment rate?

11.17%
Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Puerto Rico unemployment rate for 2020 was 11.17%, a 2.87% increase from 2019. Puerto Rico unemployment rate for 2019 was 8.30%, a 0.9% decline from 2018.

What is the #1 industry in Puerto Rico?

Service. The service industry is Puerto Rico’s fastest-growing industry, and it has most recently overtaken manufacturing as Puerto Rico’s primary industry in terms of GDP production. The three branches of Puerto Rico’s service industry, described in further detail below, are finance and real estate, trade, and tourism …

What is the average hourly wage in Puerto Rico?

Puerto RICO Salary

Who is the biggest employer in Puerto Rico?

Best Companies In San Juan, PR